$ETH $GIGGLE $4
Brother Ma's Margin Call Revelation: When the Gambling Nature of the Crypto Circle Exceeds Rationality
Well-known cryptocurrency investor and former member of the hip-hop group L.A. Boyz, Huang Li-Cheng (Brother Ma),
recently faced repeated losses in high-leverage operations in the cryptocurrency market.
According to publicly available on-chain data, in just October, he accumulated losses exceeding 57.21 million USD (approximately 1.83 billion New Taiwan Dollars).
This loss not only wiped out his previous accumulated profit of over 40 million USD but also severely impacted his principal.
After the news broke, the community was in an uproar, with many exclaiming, "Even Brother Ma can't hold on,"
but this incident actually reveals a deeper market reality.
The Illusion of High Leverage: The Temptation of Speed and the Reality of Risk
Against a backdrop of intensified market volatility, high leverage is often seen as a shortcut to "accelerated wealth."
However, it is equally a magnifying glass for fear and greed.
Brother Ma's trading strategy has always been aggressive—opening large leveraged positions on trading platforms,
pursuing short-term fluctuations and betting on market direction.
But when the market rhythm becomes misaligned and liquidity withdraws,
what was originally considerable profit instantly turns into a mirage, ultimately leading to a series of liquidations.
High leverage is not the mistake, but high conviction is an illusion.
In this market, characterized by extreme volatility, no one can forever outrun risk.
The Illness of the Crypto Circle: Winning and Losing Are More Attractive Than the Truth
After the incident broke out, the community's focus was almost entirely on "liquidation" and "amount,"
but few reflected:
Why is the tolerance for "gambling nature" in the crypto circle so high?
We celebrate stories of sudden wealth while indulging in liquidation dramas.
In such a narrative loop, rationality is marginalized,
"risk management" becomes a joke, and "position control" turns into an unpopular topic.
Brother Ma's experience is not a personal tragedy,
but a mirror reflection of the entire cryptocurrency market after the withdrawal of liquidity.
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